Exide Life Term Insurance

The Exide Life Insurance’s is a pure protection insurance plan, or term plan, as they are more popularly known. The plan allows you to ensure your family’s financial base is strong, and this will be at a nominal price. The plan offers you a high sum assured at low premiums. These premiums can be paid throughout the life of the policy or even for a limited period of time. It also offers a terminal illness benefit, but doesn’t provide a survival or maturity benefit since, it is a pure protection plan. With the My Term Insurance Plan, you also have the option to add 3 additional riders namely, Accidental Death Benefit, Accidental Death, Disability and Dismemberment, and Critical Illness Riders.

The key features and benefits of the My Term Insurance Plan is:

The plan offers you the choice of premium payments, you can either pay the premiums for the entire term of the policy or for a limited period under the limited pay option.e limited period option can be chosen for a period 5, 7, or 10 years.

With this plan you get a death benefit with two options to choose from:

Option B - wherein you get the death benefit, of providing your family with a sum assured percentage, as well as, an income. The benefit is called family income benefit.

Under option B of the death benefit, you can choose four different payment options, this payments will consist of the percentage you would like your family to receive as a lump sum amount, and as a monthly income.

Option

Lump sum %

Income %

EMI = 110% of the remaining balance/60

1

80%

20%

will equal (110% of 20% of the sum assured )/60

2

50%

50%

will equal (110% of 50% of the sum assured )/60

3

40%

60%

will equal (110% of 60% of the sum assured )/60

4

30%

70%

will equal (110% of 70% of the sum assured )/60

The plan also offers you a terminal illness benefit, wherein if you are diagnosed with a terminal illness during the policy term, 25% of the sum assured will be paid to you as a lump sum on death up to a maximum of Rs.50 lakhs, and all future premiums will be paid by the insurer. The policy will continue for the entire term as well.

This term insurance plan also offers discounts for women who would like to opt for this plan. Discounts are also provided to non-smokers.

Tax benefits are offered as well, under section 80C of the Income Tax Act 1961.

If the insured would like to opt for higher sum assured amounts, then the insurer will provide them with premiums rebates as well.

Since this is a pure term plan, there is no survival or maturity benefit.

A grace period of 15 days will be provided for premium payments.

The policy also offers you a free-look period of 15 days, within which, if you are not satisfied with the policy, you always have the option to cancel the same.

How does the plan work?

Let’s say that Naveen, aged 35 years, opts to take up the My Term Insurance Plan, with a sum assured of Rs. 50 lakhs. The policy term is 20 years, and Naveen has decided to pay premiums throughout the policy term. The premium he’ll pay on a yearly basis is Rs. 8, 643. For the death benefit he has chosen, option B so he can provide his family with an income as well. Under this death benefit option B, he has chosen payment option 2 - where 50% of the sum assured will be paid as a lump sum and the other 50% in EMIs.

In the case wherein Naveen is diagnosed with a terminal illness, he will receive 25% of the sum assured, since Naveen has chosen option B, he will receive Rs.6.25 lakhs.

If Naveen passes away during the life of the policy, his family will receive 50% of the Rs.50 lakhs, i.e. Rs.25 lakhs, and the remaining Rs. 25 lakhs will be divided into EMIs which will be Rs.45,833 per months for the next 60 months.

Please note: This above mentioned example is taken exclusive of service tax and for a healthy, non-smoker individual

Eligibility conditions required for this policy:

The minimum entry age required for this policy is 18 years, and the maximum age allowed will be 65 years.

The maturity age of the insured will be a maximum of 75 years.

The policy can be taken for a period of 10 - 35 years.

The premium paying term will be either regular pay throughout the life of the policy, or limited option pay wherein the insured can make premium payments for a period of either 5, 7 or 10 years.

The minimum sum assured will be a sum of Rs.25 lakhs, while the maximum sum assured is Rs.25 crores.

The payment of premiums can be done either annually or monthly.

Exide Life Term Insurance FAQs

What are the exclusions for the policy?

A.If the insured takes his/her own life the death benefit will not be paid. In case of the terminal illness benefit, there will be no payment, in the event of self-inflicted injuries, failure to take medical advice, alcohol or drug abuse, and HIV and or AIDS.

Are non-smokers given any premium benefits under this plan?

A.Yes, non-smokers will enjoy premium discounts under the plan.

What is the minimum sum assured for the My Insurance Term Plan?

A.The minimum sum assured will be Rs.25 lakhs.

Q. Is there a possibility for surrendering the plan?

A.Yes, if the limited premium payment option is chosen. If all payments have been paid, a surrender value will be acquired. The formula followed will be Surrender Value = Total premiums paid * 70% * number of years remaining in the policy/ policy term in years. Once the surrender value is paid the policy will be terminated.

Q. Do I have the option to return the policy if unhappy?

A.Yes, the policy offers you a free-look period of 15 days, until which you have the option to withdraw your policy.

Q. What is the minimum and maximum entry age for the policy?

A.For this policy the minimum entry age will be 18 years, and the maximum age will be 65 years.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Exide Term Insurance Reviews

I have taken term plan through Exide Life Insurance .This policy tenure is for 15 years and paying the premium through cheque .According to my experience everything is good and also i will be getting amount after 15 years which i can use for my family.This policy is still active and i am satisfied with the service.

I have taken a term insurance in EXIDE LIFE INSURANCE 3 years before. The policy is for 50 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online.

I took a term plan in Exide Life Insurance because my friend is working in company and other than that have no idea about this company. I have paid the premium for 2 years and tenure period is 20 years. Am paying yearly around 10K through online. The benefits are better.

EXIDE LIFE INSURANCE is the insurance provider where i have taken the life insurance with this and it is the TERM PLAN where the maturity period of this policy is for 16 years where i pay the premium for this policy is for 3 months once with this policy.

EXIDE life insurance policy works, based on the amount we invest. I have taken a short term plan for a period of 3 years. It was closed before 1.5 years. But they took around 17 days of time to close this policy and I had asked them to contact me after 3 to 4 months and this policy is very much beneficial to me.

I been with the Exide life insurance policy as a policy holder from the last ten year of time. Its the long term plan and I would like to say that they are in the right path as like others do. There are no drawbacks with them and the claim ratio is good.

This plan is for 20years and they have offered a coverage amount around 25lakhs with Exide Insurance service.I have to pay a premium around 7000Rs in the Insurance and it can be done in the yearly basis.This plan is a term plan and the benefits will be provided to my family in case of misshaping.

The claim ratio with the Exide life insurance is around 89% as per IRDA records. Customer service is very responsive with the Exide life insurance. Its the golden year for the retirement plan and the term insurance. I am paying around 50000 Rupees as the premium. All Pension products are not the guaranteed one because its depends up on the market fluctuation.

The coverage is good with Exide Life insurance. It is a term plan. I can pay my premiums online. They also have staff who can come over and collect the premium through cash or cheque. They even send me reminders about my premiums payments through SMS and emails. The premium is paid on a yearly basis.

I saw the ad on tv for bank bazaar.... and the day before i met an insurance agent regarding my interest to enroll myself for a policy.He guided me through the Term insurance plans and told me about the annual premium which was about 17k INR .And the day i compared the same life term policy here.The sum assured was more .everything was clear reagrding the policy and THE MAIN THING -Premium was just 7700 INR only....Isn't that incredible :D It is for me ....Give it a shot guys :D keep up the good work people :D

I took life insurance with Exide insurance. One of my friend suggested that he works as an manager in Exide. It is small term plan. It covers some of the benefits like accident, when hospitalized etc. And I used to pay my premium through cheque. And I am satisfied with this insurance.

This is completely life coverage so I availed life insurance. Plan is Secured Income Insurance for 7 years period. Though this plan being short term, benefits are in excess where can get 7% of bonus along with sum assured. Moreover this covers death benefits. Exide Life Insurance is providing money back, term insurance as well child plan so customer will be benefited more.